You need to wrap your content that will be compiled inside a directive.
This directive receives the variables and the HTML that will be compiled. You can wrap this directive in the element that you like:
http://plnkr.co/edit/RYVCrlDmgVXT3LszQ9vn?p=preview
For example, given the following html and variables:
// In the controller
$scope.controllerHtml = '<span>{{variables.myVariable}}</span>';
$scope.controllerVariables = {myVariable: 'hello world'};
<!--In the HTML-->
<div compile-me html-to-bind="controllerHtml" variables="controllerVariables"></div>
You will get the following:
<div>
<span>hello world</span>
</div>